Chinese ecommerce website files for USD 1 bln IPO in US

Monday 2 July 2018 | 10:55 AM
CET

Pinduoduo, a China-based ecommerce website backed by Tencent, has filed for an initial public offering in the US to seek as much as USD 1 billion.

Founded in September 2015 by a former Google software engineer, the Chinese company is known for its Groupon-like business model, which encourages consumers to shop for similar daily necessities with friends in order to receive discounts.

Underwriters of Pinduoduo's US listing include UBS, Goldman Sachs, and CICC, but the company is yet to determine the stock exchange that will host its initial public offering, according to ZDNet.

Active buyers on Pinduoduo reached 295 million in March 2018, while monthly active users were 103 million. Active merchandisers also exceeded 1 million during the same period, the online publication continues.